Sure, I haven't looked to see how many outputs it has, but I think it has two active from what I remember.
IF it only has one, then obviously you would have to watch what you record.
OK, after d/l ing the user guide, it DOES have 2 coax inputs, one labeled Main and the other Secondary, so I would take that as to mean that YES you can watch on one and Record on the other. :up
This is a nice set up, I've got a friend that has one.
One thing to remember, it doesn't get any HD off the 99 or 103 as it doesn't see those sats, but it does see the 101 fine which is where the Core programming is located.